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NBR to appoint international watchdog to find out laundered money

Chairman of National Revenue Board (NBR) has said an international accounting firm would be given the responsibility to investigate the money siphoned off the country.
Md Mosharraf Hossain Bhuiyan said the above during a meeting on Sunday where NBR signed an agreement with Bangladesh Bank’s Bangladesh Financial Intelligence Unit (BFIU) for investigating laundered money as part of the drive.
NBR member (board administration) SM Ashfaq Hussain and Executive Director of Bangladesh Bank Md Mizanur Rahman Joddar signed the agreement.
The NBR chairman said: “We will investigate who has laundered [how much] money abroad until now. We are considering hiring an international accounting firm which could help us collect information related to money laundering from the country.”
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When asked about the name of the international watchdog, Mosharraf declined to reply, saying: “We will reveal the name after we have signed the agreement.”
He also mentioned that BFIU has already started their investigation.
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Meanwhile, Bangladesh Bank Deputy Governor Abu Hena Mohd Razee Hassan said: “The report published by 'Global Financial Integrity' (GFI) is not 100% accurate. The Swiss National Bank publishes such information every year.
“However, after scrutiny, it was found that almost 93% of the money [mentioned in the report] has been transferred to the banking channel. The remaining 7% belongs to Bangladeshis – many of whom live abroad. This is not a case of money laundering – which proves that the report is inaccurate.”
He also said there are 32 ongoing cases in the court regarding money laundering, and the laundered money has been returned to the country.
This article was first published on banglatribune.com